Leadership held. Breadth did not.
Since Sep. 1: QQQ +4.73%, SPY +0.71%, IWM -3.07%.
The index is up. Small caps are down. That is leadership, not broad participation.
Data: Perplexity Finance OHLCV, closes through Sep. 24, 2026.
ALT September 1 through September 24, 2026 total returns for QQQ, SPY and IWM.
6
25
15,503
The S&P is weighted by size, so a few giants can lift it while most stocks go nowhere. $IWM down 3% since Sept 1 is what the rest of the market thinks. A rally that leans on a few names has nothing to catch it if they slip.
Sep 25, 2026 · 1:41 PM UTC
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